FASB Staff Q&A: Not-for-Profit Grants and Contracts Standard
The FASB has issued a Staff Q&A that addresses two few frequently asked questions about the application of the limited discretion indicator and the accounting for cost-sharing provisions when implementing ASU 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. The Q&A addresses cost sharing provisions as well as budgets and its impact on whether these stipulations would qualify as conditions for contribution accounting.
New State & Local Ethics Interpretations
https://youtu.be/cgp9bBi8q5Y The AICPA has issued a new interpretation related to the ethics code for state and local governments. This interpretation helps identify the entities related to a state or local government, which are considered affiliates and thus are...
Public-Private Partnerships
https://youtu.be/zvXx4Gsehbw Governmental Accounting Standards Board (GASB) has issued an Exposure Draft titled Public-Private and Public-Public Partnerships and Availability Payment Arrangements (fondly referred to as triple p). The ED provides guidance for PPP...
New Data Collection Form
https://youtu.be/eu5Hn1kKLcU Office of Management and Budget has issued the new Data Collection Form for use in years 2019 through 2021. There are a quite a few changes auditors (and auditees) should be aware of including customizable SEFAs, an auditee EIN edit check,...
Amendments to the Description of the Concept of Materiality
https://youtu.be/2CHLg8YsuMk The AICPA’s Auditing Standards Board issued an exposure draft of a proposed SAS and proposed SSAE titled Amendments to the Description of the Concept of Materiality. When effective, the proposed amendments would impact the description of...
Subscription-Based Information Technology Arrangements
https://youtu.be/rLJgJrZF9xA This blog addresses a new exposure draft issued by GASB relating to accounting and financial reporting for subscription-based information technology arrangements (SBITAs). Cloud computing arrangements and other hosting type services have...
Simplifying the Accounting for Income Taxes
https://youtu.be/B2LCqzlEqIo As part of its Simplification Initiative, FASB has issued an Exposure Draft proposing changes to ASC Topic 740, Income Taxes. The proposal would simplify the accounting for income taxes by removing certain exceptions in the area of...
Proposed ASU: Disclosure Requirements
https://youtu.be/iJU15VYSGto FASB has issued an Exposure Draft for Disclosure Improvements on Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The proposed amendments are intended to clarify or improve disclosure and...
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